Chetrit, Bistricer will pay $8M to create Greenpoint park, paving way for apartment project

May 07, 2013 02:30PM

The city has selected Joseph Chetrit and David Bistricer to help create a three-acre park in Greenpoint right on Newtown Creek, in exchange for granting the developers air rights that will be used for a nearby residential development, Crain’s reported. An $8 million agreement between the Bloomberg administration and the developers, as well as their building development plans, was discussed last night at a community board meeting.

The park will replace a Metropolitan Transportation Authority parking lot at 65 Commercial Street, which is next to Chetrit’s and Bistricer’s site at 77 Commercial Street, where the two plan to build luxury apartments.

As part of the deal, Chetrit and Bistricer will pay roughly $8 million for 300,000 square feet in air rights, which will be transferred from the parking lot to their development site. This effectively doubles allowable development at 77 Commercial Street to 475,000 square feet. The payment is earmarked to develop the park. Additionally, the 700-unit project will have 200 affordable homes.

However, the design of the park will be in the hands of others — the city issued requests for proposals last month for designers, with a reveal of plans scheduled for the fall.

Local residents present at the meeting raised concerns that the waterfront development would divide Greenpoint along socioeconomic lines, with the wealthy laying claim to the waterfront, according to Greenpointers, a neighborhood news site. [Crain’s] and [Greenpointers]Zachary Kussin